Consumer spending, which accounts for about 70% of U.S. economic activity, accelerated to a 3.7% annual pace last quarter, up from 2.8% in the April-June period. Exports also contributed to the third quarter’s growth, increasing at an 8.9% rate.

Between March 2021 and June 2024, Chicago spent more than $238.8 million on a host of programs including affordable housing, mental health, violence prevention, youth job programs and help for unhoused Chicagoans, according to the most recent reports filed with the U.S. Department of the Treasury as required by federal law.

Most mainstream economists say Trump’s policy proposals wouldn’t vanquish inflation. They’d make it worse. They warn that his plans to impose huge tariffs on imported goods, deport millions of migrant workers and demand a voice in the Federal Reserve’s interest rate policies would likely send prices surging.

The company said Tuesday that about 500 stores will close in the current fiscal year and should immediately support earnings and free cash flow. Walgreens didn’t say where the store closings would take place.

Consumer prices rose just 2.4% in September from a year earlier, down from 2.5% in August, and the smallest annual rise since February 2021. Measured from month to month, prices increased 0.2% from August to September, the Labor Department reported Thursday, the same as in the previous month.

The City Council’s Finance Committee unanimously endorsed the plan from R2 Co. and the Campari Group to transform the 14-story office building at 79 W. Monroe St. into an apartment building with 117 units, including 41 units set aside for low- and moderate-income Chicagoans.

Verizon has confirmed an outage affecting some of its mobile phone customers that sparked a flurry of complaints on social media about disruptions to calls, texts and their ability to access the internet.

Federal Reserve Bank of Chicago President and CEO Austan Goolsbee said the U.S. is currently on what he calls a “golden path.” Inflation has cooled from historic highs without the country going into a recession, and the unemployment rate is at what economists generally consider a sweet spot. Now the key is staying there.

The rate cut, the Fed’s first in more than four years, reflects its new focus on bolstering the job market, which has shown clear signs of slowing. Coming just weeks before the presidential election, the Fed’s move also has the potential to scramble the economic landscape just as Americans prepare to vote.

American consumers and home buyers, business people and political leaders have been waiting for months for what the Federal Reserve is poised to announce this week: That it’s cutting its key interest rate from a two-decade peak.

Wednesday’s report from the Labor Department showed that consumer prices rose 2.5% in August from a year earlier, down from 2.9% in July. It was the fifth straight annual drop and the smallest since February 2021. From July to August, prices rose just 0.2%.

As Chicago grapples with a nearly $1 billion budget gap in the coming year, the city shouldn’t count on the state to help fill it. Gov. J.B. Pritzker said he’s “read things in the newspaper” about relief Chicago may want from the Illinois government, but at this point that’s not something his budget team is thinking about.

Both the Institute of Government and Public Affairs at the University of Illinois Urbana Champaign and the state’s Commission on Government Forecasting and Accountability released new reports Wednesday.

Though consumer sentiment is slowly rising, a majority of Americans in some surveys still complain about elevated prices, given that the costs of such necessities as food, gas and housing remain far above where they were before the pandemic erupted in 2020.

Illinois saw 86 successful union petitions in 2023, up from 67 the year before. Those are the two highest totals in a 10-year period dating back to 2014. The prior eight years ranged from 25 to 62 successful petitions.

As of June 30, nearly half a million 401(k) accounts (497,000) had balances of $1 million or more, up 2.5% from the prior quarter. The average balance hit $1,595,200, up from $1,581,000 at the end of March, according to Fidelity’s data.